Dead Or Not? The Dalian Wanda Purchase Of dick clark productions Seems Shaky At Best

February 22, 2017 at 3:54 AM (PT)

Last NOVEMBER (NET NEWS 11/4/16), ALL ACCESS reported that CHINA-based DALIAN WANDA GROUP had acquired DICK CLARK PRODUCTIONS, the company that produces THE GOLDEN GLOBES and THE MISS AMERICA PAGEANT, as well as several music-related awards shows. The company previously had a longstanding relationship with the ACADEMY OF COUNTRY MUSIC AWARDS, with it producing THE AMERICAN COUNTRY COUNTDOWN AWARDS beginning in 2014. The purchase price was a reported $1 billion.

"Now, REUTERS reports that deal may not close, writing, "Chinese conglomerate DALIAN WANDA's proposed $1 billion purchase of Hollywood's DICK CLARK PRODUCTIONS INC. is under pressure but is not yet over, sources told REUTERS, amid high U.S.-CHINA tensions and tight scrutiny by BEIJING on outbound deals. An industry executive with indirect knowledge of the deal said it had hit hurdles but was not dead. A second person close to the deal said reports saying the deal was finished were off the mark, and that the parties still expected the deal to close."

The website THE WRAP went further, reporting the deal is dead, citing two unidentified sources. The website said WANDA's deal for DICK CLARK PRODUCTIONS had "fallen apart" over problems getting currency out of CHINA and regulatory approval from the Chinese government.